About 60% of units taken as sales start at A&B’s The Collection condo in Kakaako

Aug 19, 2013, 12:36pm HST Updated: Aug 19, 2013, 5:18pm HST

Duane Shimogawa    Reporter- Pacific Business News

About 60 percent of the units in The Collection were snapped up during an opening sales weekend that had people lined up before dawn for first crack at the 397 apartments in A&B Properties’ 43-story condominium project in Kakaako.

Prospective buyers were out in full force on Friday morning, with the first people taking their place in line starting at 4:49 a.m., and 13 people behind them about an hour later.

Sales for A&B Properties' Kakaako condominium project called The Collection start on Saturday.

Sales for A&B Properties’ Kakaako condominium project called The Collection start on Saturday.

“It was very busy and we’re certainly pleased with the activity,” A&B Properties Senior Vice President of Development Rick Stack told PBN. “We still have a lot of good units available. We’ve still got a ways to go.”

Sales for the $200 million project, to be developed on the former CompUSA site, began at 9 a.m. this past Saturday at 680 Ala Moana Blvd.

The office is now open daily from 10 a.m. to 6 p.m.

Stack says that from listening to the crowd, it seems like it’s mostly local buyers, which is what A&B Properties, a subsidiary of Honolulu-based Alexander & Baldwin Inc. (NYSE: ALEX), wanted to see.

Buyers have 30 days to back out of the purchase, so if they decide that they don’t want to move forward with the process, they can cancel the contract, Stack said.

The Collection includes a high-rise tower, a mid-rise building, town homes, as well as retail shops and restaurants.

Prices for the tower, which will have 397 units, range from $300,000 to $700,000 for a unit.

Sales for the town homes and mid-rise projects are expected to start later this year, Stack said.

The Collection is expected to take up to 30 months to build, with the estimated construction start date at least a year away.

Buyers lining up in Honolulu to buy condos at A&B’s The Collection

Aug 16, 2013, 2:49pm HST
Duane Shimogawa  |  Reporter- Pacific Business News

A&B Properties Inc.’s newest residential project in the Honolulu neighborhood of Kakaako, called “The Collection,” will begin the sales process on Saturday at its newly opened sales gallery at 680 Ala Moana Blvd.

Sales for A&B Properties' Kakaako condominium project called The Collection start on Saturday.

Sales for A&B Properties’ Kakaako condominium project called The Collection start on Saturday.

Many prospective buyers already began lining up on Friday to get their hands on a unit or two in the 43-story, 460-unit project, which received approval from the Hawaii Community Development Authority last week.

The Collection, a $200 million project to be developed on the former CompUSA site, will include a high-rise tower, a mid-rise building and town homes, as well as retail shops and restaurants.

Prices in the high-rise tower, which will include 397 residences, start in the high $300,000s for one-bedroom units, mid $500,000s for two-bedroom units and mid $700,000s for three-bedroom units.

Amenities will include a pool, outdoor lounge, fitness center, club room and a private dog park within the tower.

A&B Properties, a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX), plans to use the same development team as it utilized for its sold-out Waihonua high-rise project, which is currently under construction on Waimanu Street.

The team includes Architects Pappageorge Haymes Partners and Design Partners, as well as interior design firm Philpotts Interiors and Heyer & Associates as its exclusive broker.

The sales gallery will open from 9 a.m. to 5 p.m. on Saturday and will be open daily after that from 10 a.m. to 6 p.m.

Construction on The Collection is expected to take up to 30 months to complete with the estimated start date at least a year away.

Kamehameha Schools to unveil third Kakaako development project

Kamehameha Schools is moving forward with plans for a third piece of its Kakaako redevelopment master plan that will include a residential tower involving local developer Stanford Carr.

The trust is scheduled to announce the plans Friday.

 COURTESY IMAGE Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It's one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.


COURTESY IMAGE
Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It’s one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

The project will include a residential tower, townhomes, live-work units, rental apartments and commercial space, Kamehameha Schools said in an announcement Monday.

Other details including the site location were not disclosed.

Kamehameha Schools launched two pieces of its Our Kakaako master plan earlier this year.

The first piece is being developed by local development firm Alexander & Baldwin Inc., which is buying the former site of a CompUSA store at the makai end of South Street from the trust and proposing a tower and low-rise buildings with 470 condominiums.

The second piece is a retail complex with a parking garage dubbed SALT on an adjacent block to The Collection that will be created mostly by renovating old buildings on the site.

Both The Collection and SALT are pending approval by the Hawaii Community Development Authority.

The Our Kakaako master plan covers 29 acres spread over nine blocks, and allows up to 2,750 residential units, seven towers and 300,000 square feet of commercial space.

By Star-Advertiser staff

POSTED: 03:32 p.m. HST, Jul 22, 2013
LAST UPDATED: 03:50 p.m. HST, Jul 22, 2013

Company Disclaimer: Information is deemed reliable but not guaranteed.